KHYB vs. DBE
KHYB (KraneShares Asia Pacific High Income Bond ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, KHYB returned 0.18%/yr vs 19.05%/yr for DBE. At a 0.01 correlation, their price movements are largely independent. KHYB charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
KHYB vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, KHYB achieves a 2.52% return, which is significantly lower than DBE's 79.04% return.
KHYB
- 1D
- 0.02%
- 1M
- 1.16%
- YTD
- 2.52%
- 6M
- 3.51%
- 1Y
- 10.48%
- 3Y*
- 8.74%
- 5Y*
- 0.18%
- 10Y*
- —
DBE
- 1D
- -2.52%
- 1M
- -6.01%
- YTD
- 79.04%
- 6M
- 69.31%
- 1Y
- 81.31%
- 3Y*
- 22.41%
- 5Y*
- 19.05%
- 10Y*
- 11.58%
KHYB vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 2.52% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
DBE Invesco DB Energy Fund | 79.04% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -24.94% |
Correlation
The correlation between KHYB and DBE is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.01 |
The correlation between KHYB and DBE shifts across timeframes, from -0.30 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KHYB vs. DBE — Risk / Return Rank
KHYB
DBE
KHYB vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) and Invesco DB Energy Fund (DBE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| KHYB | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.39 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 5.67 | -3.02 |
| Martin ratioReturn relative to average drawdown | 11.91 | 11.08 | +0.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KHYB | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.09 | 2.33 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.65 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.09 | +0.19 |
Drawdowns
KHYB vs. DBE - Drawdown Comparison
The maximum KHYB drawdown since its inception was -33.63%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KHYB and DBE.
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Drawdown Indicators
| KHYB | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -86.69% | +53.06% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -14.41% | +10.44% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -23.89% | +17.95% |
Max Drawdown (5Y)Largest decline over 5 years | -32.86% | -38.74% | +5.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.60% | -32.03% | +31.43% |
Average DrawdownAverage peak-to-trough decline | -9.71% | -57.30% | +47.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 7.37% | -6.49% |
Volatility
KHYB vs. DBE - Volatility Comparison
The current volatility for KraneShares Asia Pacific High Income Bond ETF (KHYB) is 0.87%, while Invesco DB Energy Fund (DBE) has a volatility of 13.05%. This indicates that KHYB experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KHYB | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 13.05% | -12.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 30.97% | -27.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 35.07% | -31.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 29.41% | -23.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.71% | 28.34% | -22.63% |
KHYB vs. DBE - Expense Ratio Comparison
KHYB has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
KHYB vs. DBE - Dividend Comparison
KHYB's dividend yield for the trailing twelve months is around 8.13%, more than DBE's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.13% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% |
Frequently Asked Questions
KHYB and DBE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.05%) compared to KHYB (0.87%). In terms of maximum drawdown, KHYB dropped -33.63% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.05% vs 0.18% for KHYB. On fees, KHYB is cheaper at 0.69% per year. On volatility, KHYB has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.05% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KHYB is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
KHYB has the higher dividend yield at 8.13%, compared with 2.16% for DBE.
KHYB is categorized as Emerging Markets Bonds, while DBE is Oil & Gas. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: KraneShares and Invesco. Their fees differ too: 0.69% for KHYB and 0.78% for DBE.
KHYB currently has the higher Sharpe Ratio (3.09 vs 2.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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